Japan Essentials - 11 Jun 2026

Research evidence excerpt

Japan Essentials - 11 Jun 2026

Macquarie Equity Research

10 June 2026

Equity Strategy

ASEANMalaysia Strategy

MY Value Up: Traction building but early days

Andrew

Key Points San, CFA

• The Guidebook's focus on governance and the announcement of capital

allocation for MYVU by GLICs were key positive surprises.

• However, more developments on investor relations, stakeholders and Figurebeneficiaries2 - Key MY Value Up

incentives are needed for MYVU to be effective, we believe.

Undervalued• We see 13 names under our coverage as key beneficiaries of value Sector Fundamental upside Low liquidity

accretion from B/S optimisation, asset revamping or mid-term plan but sound potential

implementation. MAY, PBK,

Financials

HLBK

Telcos MAXIS, TM TDC

• Key milestone for the MY Value Up program was reached on 9 June with Healthcare IHH

the release of the Guidebook and the announcement of key GLICs in Materials PCHEM

supporting MYVU. Utilities YTLP

Þ Positive surprise from the Guidebook was the extensive Consumers MRDIY

consideration of governance factors from plan development Planters SDG KLK

(ownership at the Board level) to strategy formulation (a key pillar), Tech VITRO

although we see room to improve with more prescriptive measures Source: Macquarie Research, June 2026

in place across companies.

Þ We believe the role of investor relations will be enhanced as we Related reports:

see the IR function as key to the effective implementation of the • Malaysia Strategy - MY Value Up: Identifying key

beneficiaries

program by SC/Bursa and in turn the successful formulation and

Malaysia Strategy - MY Value Up: Identifying key communication of medium/long-term plans by listcos. • beneficiaries (2)

Þ Planned capital allocation by EPF, PNB and KWAP to companies that